On Track Innovations Announces Resignation Chairman And President & CMO

12/24/2012 12:20 PM ET

On Track Innovations Ltd. (OTVI) said Monday that its Chairman Oded Bashan and President & CMO Ohad Bashan have submitted letters of resignation, resigning from their respective positions with the company and its subsidiaries, effective June 23, 2013, which is the last date of the advance notice period according to their employment contracts.

Oded Bashan will retain his role as a director on On Track Innovations' board.Oded Bashan founded On Track Innovations about 23 years ago and managed it since then.

Ohad Bashan joined the company 16 years ago and served in several positions. In the last 5 years , he acted as the President and CMO of On Track Innovations and the CEO of OTI America.

The company said it expects to fill the vacancies left by the resignations of Oded Bashan and Ohad Bashan by or before June 23, 2013, including the position of Chief Executive Officer, which became vacant on December 12, 2012 as announced earlier this month.

Air Canada plans to add three U.S. routes next year, to cities San Antonio, Memphis and Savannah, the airline announced. The company said it will launch six new non-stop U.S. services beginning Spring 2017.

Harry Potter and the Cursed Child is the best-selling book of 2016 overall and in the Kids & Teens category, confirming the ongoing demand for Harry Potter, Amazon announced. The book, by J.K. Rowling, Jack Thorne and John Tiffany, is also this year's Most Wished For and Most Gifted book.

Airline industry profits in 2016 are now expected to be slightly lower than previous view, yet would reach a peak of $35.6 billion, the International Air Transport Association or IATA said Thursday. Meanwhile, profits would decline in 2017 amid overcapacity, rising fuel costs and political turmoil.